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Conclusion

With the introduction of the new labor pension system, workers from now on can enjoy a more secure life after retirement, as employer contributed retirement funds can go wherever they go.  Workers' retirement funds are no longer put in limbo by job switches, business and factory closures.  Further innovations such as mandatory contributions, clearer indications for employers regarding contribution rates, and simplified accounting of operational costs can improve on the current conditions by reducing potential labor-management conflicts over severance payments and job terminations;there are greater opportunities for older workers, and the new system would raise business competitiveness.  This new pension system has far-reaching implications on the rights of workers and employers alike, and thus the Bureau of Labor Insurance strives to support both labor and businesses in learning more about the new systems so that it would serve to provide greater security in life after retirement, improve worker-employer relations and stimulate society and economic development.
 

Last Update:2019-01-31
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